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A CF-18 Hornet is parked at Aerospace Engineering Test Establishment (AETE) Hangar 14 in March.Justin Tang/The Canadian Press
Canada has been selected as the host nation of a new multinational defence bank as negotiations among the founding countries ended in Montreal on Wednesday, according to two sources.
The decision was made after the final of three rounds of negotiations hosted by Canada and involving the 19 founding countries of the Defence, Security and Resilience Bank.
The Globe is not identifying the sources who were not permitted to speak publicly about the matter.
The other 18 founding countries have not been disclosed, though reports of some European countries such as Britain and Germany rejecting the bank have surfaced since it was first announced.
Critics of the bank have questioned whether the institution is necessary, when other defence financing initiatives such as the Security Action for Europe program already exist.
Once established, the bank could include as many as 40 countries, all NATO members and their allies, and will provide long-term, low-cost financing for defence projects undertaken by participating countries.
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Negotiations took less time than anticipated, with the final two of three rounds held back-to-back, sources said. Other decisions made during the negotiations likely include the bank’s charter, treaties and chief executive officer.
John Fragos, press secretary for Finance Minister François-Philippe Champagne, would not confirm Canada’s selection as the host country on Wednesday.
More coming
